Siemens close to cutting $40 billion stake in MRI maker

Siemens AG is finalising options to reduce a majority stake in its former medical equipment unit after the $40.5 billion holding turned into a drag on its share price. The German industrial company's supervisory board is scheduled to meet prior to an investor day Thursday, according to a company spokesperson, and may decide on a way to lower its ownership in Siemens Healthineers AG.

At 71%, resizing the stake is complex and the company has weighed several solutions, people familiar with the matter previously told Bloomberg News. Siemens has whittled down holdings in its former energy and medical divisions to streamline its business and expand in high-margin areas such as software and artificial intelligence. While the conglomerate in 2018 spun off Healthineers by listing it in Frankfurt, it has sold only smaller parcels of shares so far.